The wellness tourism sector—which was decimated by the impression of the COVID-19 pandemic in 2020, like just about each aspect of the journey enterprise—is having fun with an enormous rebound, based on a current report from the main analysis and academic useful resource for the worldwide wellness business.
The December 2021 report from the Global Wellness Institute (GWI) provides a complete have a look at the worldwide wellness financial system—which it estimates at $4.4 trillion in 2020—following the onset of the pandemic, and analyzes the way forward for wellness spending by sector.
Whereas the worldwide wellness tourism market fell from $720.4 billion to $435.7 billion—a whopping 39.5%—between 2019 and 2020 (versus 43% for all tourism), it’s bouncing again with astonishing gusto.
GWI forecasts the common annual progress fee of wellness tourism at 20.9% from 2020-2025—outpacing the trajectory of each different sector of the wellness financial system (together with private care & magnificence, spas, and wellness actual property, to call just some). Notably, the enlargement of the complete wellness financial system is monitoring to surpass that of world GDP to the tune of 9.9% vs. 7.3% respectively over the identical interval, based on the report.
This outlook is particularly rosy for a hospitality business that’s more and more wellness-minded. GWI notes that each home and worldwide wellness vacationers have particularly deep pockets, even through the pandemic. In 2020, worldwide wellness vacationers spent $1,601 per journey on common, 35% greater than the standard worldwide vacationer. The premium for home wellness vacationers is even larger: $619 per journey, or 177% greater than the same old home vacationer.
“Wellness vacationers are usually extra prosperous, educated, and well-traveled, and so they’re keen to spend extra on journey experiences, companies, and facilities that help their well being and well-being,” the report says.
GWI’s findings are extensively supported. In response to a recent survey from American Express, 78% of respondents mentioned they’re engaged on extra objectives tied to well being and wellness than in earlier years, whereas 76% agree they wish to spend extra on journey to enhance their well-being—and 55% mentioned they’d be keen to pay additional for wellness actions on future holidays.